Quote from: kayvie on September 30, 2020, 09:29:40 PM

Quote from: South Park on September 30, 2020, 08:32:33 PM

Quote from: reza7777 on September 26, 2020, 11:14:32 AM

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

And there are still people out there saying that it is better to keep your funds in an exchange than to keep your funds yourself, it is nice they are taking responsibility and they are going to pay their affected customers but still this shows that no matter how perfect you think is your security the risk of being hacked is never zero, this means that it is important to never tell anyone how much crypto we are holding that way the chances we are the target of hackers or scammers goes down dramatically.

Yes, even if there are so many times they were told that keeping funds in exchange is too risky, they still continue to keep doing the same thing. This is what we are talking about, that's why we should avoid it. It's good for the victims of hacking that kucoin will replace their funds but not all exchange will do the same thing.

What I wonder is when people are going to learn? I know that if you want to trade you have no option but to deposit your coins in an exchange but that does not mean that you need to keep your coins there for the long term, just make your trade and then get your coins out of there, this is going to cost you in terms of transactions but if your capital is big enough that should not be a problem at all, and if your capital is too small then maybe you need to increase the size of you capital to avoid to leave their coins in an exchange and incur the huge risk that signifies.